British Gas owner Centrica is set to consider returning up to £500million to shareholders if it pulls out of a nuclear power station scheme.

A share buyback is said to be one of Centrica’s options if it decides against taking part in a project with EDF to build a new nuclear plant at Hinkley Point in Somerset.

Centrica has a 20 per cent stake in a tie-up with EDF to run the former British Energy nuclear power business but it also has an option to take up to a fifth of any new nuclear power stations EDF builds, at Hinkley and elsewhere in the UK.

Analysts believe the firm may opt not to proceed with the £14billion Hinkley scheme due to soaring costs and lack of returns.

Centrica is considering other investment options such as gas exploration in Norway, UK gas-fired power ­stations, wind farms and expanding operations in North America.